Can see we are close to the third touch of the major channel, and also price is really squeezing indicating a sell.
Always potential for a fake out, but the squeeze is encouraging me to enter on the third touch of smaller channel, really would wait for the major channel but happy with wider SL just incase!, lets see what happens. Any thoughts?
Always potential for a fake out, but the squeeze is encouraging me to enter on the third touch of smaller channel, really would wait for the major channel but happy with wider SL just incase!, lets see what happens. Any thoughts?
Comment:
Unfortunately I got taken out very slightly over my SL. BUT I am still very excited about this trade. I don't usually trade Mondays, but I will be keeping a very close eye on this for a potential fake out. If this comes back into structure with a pull back, I have 3 potential TP, and with the daily breakout (from bullish to bearish) and retest we are talking serious R:R IF we get the sell into structure! Go bears!
Trade closed: target reached:
Beautiful Trade, TP1 hit to the point! I'm out the trade now until I see further patterns to continue the downside.